The Magyar Nemzeti Bank attaches great importance to making central bank analyses on various current economic and financial trends of general interest available to the wider public. The October 2011 issue of the MNB Bulletin contains six topical articles, in which the authors present the indebtedness of local governments, the impacts of changes in tax laws on the labour market and the government budget, the consumption behaviour of the public, the information content of CDS spreads, the role of special purpose entities, and the pricing practices of banks.

The articles of this volume can be downloaded below:

Ákos Aczél and Dániel Homolya: Risks of the indebtedness of the local government sector from the point of view of financial stability

Judit Páles and Dániel Homolya: Developments in the costs of external funds of the Hungarian banking sector

Péter Benczúr, Gábor Kátay, Áron Kiss, Balázs Reizer and Mihály Szoboszlai: Analysis of changes in the tax and transfer system with a behavioural microsimulation model

Péter Koroknai and Rita lénárt-Odorán: The role of special purpose entities in the Hungarian economy and in statistics

Zalán Kocsis and Dénes Nagy: Variance decomposition of sovereign CDS spreads

Zsuzsanna Hosszú: Pre-crisis household consumption behaviour and its heterogeneity according to income, on the basis of micro statistics

The complete volume can be downloaded here:

MNB Bulletin October 2011